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- The annual growth rate of UK consumer credit slowed in July, to 8.5%, but remains elevated relative to 2009-12
The annual growth rate of UK consumer credit slowed in July, to 8.5%, but remains elevated relative to 2009-12
Households borrowed an additional £3.2 billion secured against their homes in July. Net lending has been relatively stable over the past year but this was the lowest amount of monthly secured lending since April 2017.
Net lending to businesses increased to £2.7 billion in July, but this was primarily driven by the public administration and defence industry.
The annual growth rate of consumer credit lending shows the trend in net lending over the past twelve months. In July, the annual growth rate of consumer credit slowed a little to 8.5%. Within this, the annual growth rate of credit card lending was 8.9%, whilst the growth rate of other loans and advances was 8.2% - the lowest since March 2015. Although the annual growth rate of consumer credit remains high, particularly compared to 2009-12, the gradual slowing continues the trend since late 2016.
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